24th Oct 2016


Too many banks in EU, says central bank chief

European Central Bank (ECB) president Maro Draghi said Thursday that "overcapacities in the banking sector clearly exacerbate the squeeze on margins," which, meaning that there are too many banks in the eurozone and that that leads to smaller profits for each one. He said low interest rates are not good for banks, but he added that the sector needed to be more "efficient".

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